What’s next for hotel owners? Charlotte Kang has answers
The recently promoted Kang, who leads JLL’s Valuation Advisor’s National Hotel practice group, shares her thoughts
CHICAGO, Jan. 27, 2021 – During the COVID-19 pandemic, some hotel owners suddenly found themselves shut out of the debt market and turned to the JLL Valuation Advisory Group for advice to help them chart their path forward.
“The amount of uncertainty in the market as well as the elasticity to the events surrounding COVID-19 and the election made it even more critical to collect market views on a real-time basis,” said National Practice Lead Charlotte Kang.
Kang, who was recently promoted to Managing Director, leads the hotel practice for JLL Valuation Advisory with a focus on third-party valuations portfolio consulting, acquisition due diligence and development feasibility, and shepherded the group to double its hotel revenue last year during an extremely challenging environment.
“Valuation work related to transaction and lending has obviously decreased in 2020,” Kang said. “Our approach is client-centric, thoughtful and data-backed as we keep a close pulse on the market movements. I think our clients have come to even more fully appreciate it during this past year.”
The hotel sector has experienced an unprecedented shock in 2020, but the vaccine rollout is welcomed news. If all goes smoothly, Kang anticipates recovery to be back-half heavy in 2021. Underpinned by a strong pent-up demand for travel and an abundance of capital sitting on the sidelines, hotel transaction volume should improve in 2021; however, valuation is going to vary on an asset-by-asset basis.
“We will continue to be the eyes and ears for our clients and keep them well-informed,” Kang said.
With COVID-19 still on the forefront, JLL Valuation Advisory will continue to capitalize on the expansive knowledge across the JLL platform, as well as its extensive global and domestic network within the industry, to constantly converse with market participants about market views and sentiments.
“Charlotte’s accomplishments over the past year showcase the benefits of our sector-led approach and dedication to world-class client service,” said Zach Bowyer, MAI, head of Valuation Advisory for Alternative Sectors. “Coupled with her deep industry knowledge and relationships, we are forecasting great success for Charlotte and her team.”
JLL’s Valuation Advisory platform leverages the firm’s global experience and deep knowledge of local real estate markets to provide accurate, reliable valuations of a wide range of commercial property types. JLL performs valuations and appraisals for single assets, global portfolios and a range of property types.
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U.S. property valuation and tax consulting services are performed by JLL Valuation & Advisory Services, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated.
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